Is this a good deal?
Hello, Bigger Pockets!
After listening to the podcast and reading books and blogs, my husband and I are looking for our first investment property. (Yay!) It will be a buy and hold rental and we're looking at small older homes in an area about half an hour from the city. (Reidsville, NC) We've found a 2 bed 1 bath house built in 1945 that's been kept in great condition with original hardwoods, cabinets, and cast iron tub. Unfortunately, all the electrical components are also original. Fuse box and all. Only one outlet in the house even has a place to plug in a ground. Is this something that would need to be updated right away? Or with a house so small would it be able to take the load? If anyone has any experience with old electric, any advice would be great!
Thankyou!
If you're interested in the numbers, we would make an offer at 50k and with that plus all the operating expenses (including property management) we could get $193 a month in cash flow, and about 15% cash on cash.